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Ferrari will expand its range of road cars, but not by much



FILE PHOTOS: FCA President John Elcan was seen before an event at Bocconi University in Milan, Italy, May 27, 2019. REATERS / Alessandro Garofalo

PEBBLE BEACH, California (Reuters) ̵

1; Italian Ferrari Manufacturer NV ( RACE.MI ) will expand sales of easier-to-drive large passenger cars, but will not try to chase annual sales of rival Porsche, Ferrari chairman John Elkan told a crowd of classic fans cars collected in this history golf resort on the Pacific coast the ocean.

Elkan also reiterated that Fiat Chrysler Automobiles NV ( FCHA.MI ), which he chairs, remains open to opportunities to combine with other automakers, but is ready to remain independent. Fiat Chrysler proposed a merger with French carmaker Renault SA in May, but the deal fell apart after the French government intervened and Elkann withdrew the proposed merger.

Fiat Chrysler CEO Mike Manley sent the same message to Renault and other potential partners earlier this month.

Elkan visited Pebble Beach during the annual Concours d`Elegance, during which wealthy collectors bring some of the rarest vintage cars in the world to be admired – and sold – and premium manufacturers show off exotic new models.

Ferrari is best known for great, high-performance sports cars. Fans of vintage Ferraris, a downgraded GT or grand tour, cars from the 1960s, some with four-seater seats, are among the most popular models of auction blocks and enthusiastic events. GT cars are designed to be comfortable for longer road journeys.

Elkan hinted that Ferrari will introduce a new GT car in November. Ferrari said earlier that about 40% of its total sales could come from GT cars by 2022, up from 32% now.

Ferrari outlined plans to expand revenue to € 5 billion ($ 5.54 billion) by 2022 from € 3.4 billion in 2017. The company said it plans to add a model called Purosangue to competes with the growing stability of sports utility vehicles by carrying premium sports car brands such as the Lamborghini Urus.

Rival Porsche AG [PSCH.UL] unit of Volkswagen AG ( VOWG_p.DE ), extends its sales to over 250,000 sports cars and utility vehicles annually. Elkan said Ferrari was not pushing for Porsche sales.

($ 1 = 0.9018 euros)

Reporting by Joe White; edited by Diane Kraft

Our Standards: The Thomson Reuters Trust Principles.

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